Original - Odaily
Author - Nan Zhi
On November 27, Bounce Finance announced that it would cooperate with BitStable to launch its governance token BSSB on the Bounce Private Launchpad. The BSSB token issuance will be conducted in two parts – 60% for the pledge auction and 40% for the fixed-price auction.
In this article, Odaily will briefly introduce the basic information, public sale process and data of BSSB.
BitStable detailed explanation
Official documentation: BitStable is a groundbreaking decentralized asset protocol on the Bitcoin blockchain, providing a unique framework for the creation, trading, and management of synthetic assets. It enhances asset liquidity on the Bitcoin chain through a dual-token system and a cross-chain compatible structure.
Stablecoin DAII
Acquisition: DAII is a stable currency obtained through over-collateralization of Bitcoin ecological tokens. The supported tokens are determined by BSSB Governance. In the early stage, only ordi and MUBI were supported. The over-collateralization rate and liquidation coefficient have not yet been announced (only examples are given).
Purpose: To act as a stable medium in the volatile cryptocurrency market, making it a reliable asset for trading and investing.
Cross-chain practicality: BitStable cooperates with MultiBit Bridge to support cross-chain on the Bitcoin network and other EVMs. It plans to cross-chain some DAII to Ethereum and support the use of USDT exchange.
Token use case: No description yet.
Redemption: The collateral or USDT can be retrieved by destroying DAII on the BitStable platform.
Governance Token BSSB
Purpose: BSSB is the governance token of the platform, and users use it to maintain the system and manage DAII.
Use case: Holding BSSB can obtain platform income dividends and voting rights, and can also have early acceleration rights.
Obtain: In addition to the public sale, BSSB can be obtained by staking DAII, which is only supported on the Bitcoin network. You can pledge BSSB to obtain Boost equity, increase the pledge weight of DAII, and obtain higher mining income.
Follow-up plan
Integrate Rootstock (RSK) to enhance smart contract functionality
RSK brings Ethereum-like smart contract functionality to Bitcoin-based DAII. This allows for the development of complex, decentralized financial instruments and automated governance processes, enhancing the functionality of the protocol while maintaining the inherent security of the Bitcoin blockchain.
BitStable will establish a series of interrelated smart contracts through RSK. These contracts will manage various aspects of the DAII stablecoin, such as staking, issuance, redemption and governance. By adopting a structure similar to MakerDAO, it aims to achieve a high degree of automation, security and transparency in operations.
Integrate Taproot for enhanced functionality and privacy
Taproot integrates multiple digital signatures to improve network efficiency and transaction privacy. BitStable plans to use the Taproot upgrade to enhance the efficiency, privacy, and smart contract functionality of DAII transactions on the Bitcoin network.
The integration will also explore Taproot’s potential to facilitate complex smart contract operations, leveraging its enhanced scripting capabilities (Tapscript) to provide more advanced financial tools on the Bitcoin blockchain.
How to participate in BSSB issuance
Public sale quantity: 10, 500, 000 BSSB (50% of the total amount).
Total raised: $500,000.
Pledge auction round
Launchpad address:https://app.bounce.finance/launchpad/bitstable-staking
Time: November 29, 2023 12:00 (UTC+ 8) ~ November 30, 2023 12:00 (UTC+ 8)
Blockchain: Ethereum
Quantity in this round: 6, 300, 000
Pledged assets: AUCTION
Fundraising mode: Over-raising mode (If the total participation of all participants exceeds the fundraising limit, the excess AUCTION tokens will be returned to the participants.)
Total funding raised in this round: $300,000
fixed price auction round
Launchpad address:https://app.bounce.finance/launchpad/bitstable
Time: November 29, 2023 12:00 (UTC+ 8) ~ November 30, 2023 12:00 (UTC+ 8)
Quantity in this round: 4, 200, 000
Fundraising model: The allocation is on a first come first serve basis
Total funding raised in this round: $200,000
BSSB price: 1 BSSB = 0.0000233 ETH
Maximum investment amount per wallet: 1 ETH
BSSB Token Economics
Total amount of BSSB: 21, 000, 000
Team allocation: 5% (6 months locked, 15 months linear release)
Airdrop: 3.5%
Staking reward: 36.5%
LP: 5% (locked indefinitely)
Total amount of DAII: 1, 000, 000, 000 pieces
summary
Currently, the two tokens DAII and BSSB in the BitStable ecosystem have no particularly outstanding practical cases. The BSSB token currently being sold to the public is used more for self-generated mining in addition to governance purposes according to official documents. But the project received dual endorsements from Bounce and MultiBit Bridge. Since the public sale AUCTION auction is a super-raised form, each investor can make judgments and investments based on real-time progress.
